Equity holdings (as of December 31, 2011*)

		Company Name Website Links		Ticker	Last Price	Price Change	Percentage Change	Percentage of Portfolio*
		LIBERTY MEDIA CORP - LIBERTY CAPITAL		LMCA	84.45	0.86	1.03%	8.13%
		GOOGLE INC -CL A		GOOG	596.33	11.22	1.92%	6.13%
		VIACOM INC		VIAB	48.36	1.67	3.58%	4.64%
		LIBERTY GLOBAL INC S		LBTYK	45.51	0.43	0.95%	3.79%
		DISCOVERY COMMUNICATIONS INC		DISCA	44.66	0.96	2.20%	3.53%
		RITCHIE BROS AUCTION		RBA	24.69	1.07	4.53%	3.40%
		DISH NETWORK CORP		DISH	28.91	0.54	1.90%	3.10%
		TIME WARNER INC		TWX	38.19	1.01	2.72%	2.98%
		CACI INTL INC		CACI	59.70	0.57	0.96%	2.93%
		ECHOSTAR CORP		SATS	29.03	1.19	4.27%	2.86%
		LIBERY MEDIA CORP - INTERACTIVE		LINTA	18.14	0.64	3.66%	2.69%
		SCRIPPS NETWORKS INTERACTIVE		SNI	43.38	0.85	2.00%	2.62%
		IAC/INTERACTIVE CORP		IACA	N/A	N/A	N/A%	2.46%
		DREAMWORKS ANIMATION		DWA	18.74	0.90	5.04%	2.44%
		COGNIZANT TECHNOLOGY SOLUTIONS CORP		CTSH	73.35	0.73	1.01%	2.39%

 *The information contained on this page is updated at the discretion of Kinetics Asset
Management LLC. It is only representative of the Fund's portfolio on the date specified.

Position size may not be indicative of actual market position due to the
use of call and put options.

The securities and ticker symbols listed above may not represent the actual securities held in the fund.
To the extent a particular security price cannot be obtained, a representative security ticker may be listed.

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